Table of Content

15 January 2012, Volume 0 Issue 01

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Market Economy Can Avoid Disasters Caused by Ignorance：Reflection on the Dual Pricing System

ZHANG Wei-ying

2012, 0(01):  1457. 

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From the human history, it can be seen that ignorance and shameless are two main reasons for our mistakes. In the history of Chinese economy, many officials and researchers believed that the correct prices could be calculated. Looking back, we now find this is incredible. Later, the dual system has solved this problem. The formulation of a number of policies nowadays, however, reflects our ignorance; after all, the only way out is the market economy. We should introduce competition and ensure the freedom of thought.

Historical Mission and Practical Significance of the Dual System

HUA Sheng

2012, 0(01):  1458. 

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The original intention of the dual pricing system is the combination of release and adjustment, i.e. to lift the control over the prices out of the plan and beyond the plan and to adjust the prices within the plan, so as to finally complete the transition from the planned pricing into the market pricing. The dual system was later misinterpreted as a product with two prices. Practice has proved that the dual system is a pioneering genius, reflecting the characteristics of China’s institutional transition. Such a system is still having its significance in the process of promoting the reforms of resource prices and factor prices, even the reform of the political system in China.

Speeches of Experts at 2011 China’s Annual Forum of Economists（1）

By ZHENG Xin-li, etc.

2012, 0(01):  1459. 

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A Study of the Steady Development of China’s Economy during the Post-Crisis Era: An Analysis of Deviation and Equilibrium under the Impact of the 4-Trillion Investment

WU Li-jun

2012, 0(01):  1460. 

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Although the 4-trillion investment is almost close to the end, its impact on the economy will last for a long time. The task of economic adjustment is very complicated and challenging during the post-crisis era. This paper makes an analysis of the role of the investment in adjusting the steady development of the economy based on the Ramsey-Cass-Koopmans’ Model. It is found that the impact of the 4-trillion investment has played an important role in smoothing the economic circle during the economic crisis; the half-life period of the recovery of economic equilibrium under the investment impact is 20.6 years. The fund raising methods and the direction of investment of the 4-trillion investment will have different forms of impact on the equilibrium path of economic growth; taking more private capital and having more scientific investment orientation can improve the balanced welfare level of the economy.

A Study of the Key Influencing Factors on Consumption Efficiency of China’s Non-Renewable Energy Resources

WU Chun-you

2012, 0(01):  1461. 

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With the acceleration of China’s industrialization and urbanization, the consumption of non-renewable energy resources has been increasing rapidly; the pressure posed by economic development on energy supply and environment restriction has been on the verge of the bottom-line of the balanced sustainable development. No matter in terms of the national energy safety or harmonious development of the energy-economy-environment system, to improve the consumption efficiency of the non-renewable energy resources is an inevitable choice. Under this background, this article calculates the consumption efficiency of the non-renewable energy resources in China during 1990-2009 based on C2B-DEA and super-efficiency DEA model and makes an empirical analysis with the regression model of influencing factors, namely the five major factors of industrial structure, degree of openness, urbanization process, technical progress and non-renewable energy consumption structure. The results indicate that there exists a negative correlation between the consumption efficiency of the non-renewable energy resources and such factors as the proportion of the third industry, the proportion of the total export-import volume of foreign trade, urbanization rate and the proportion of coal consumption in the composition of non-renewable energy resources; whereas between the proportion of R&D funding and the consumption efficiency of the non-renewable energy resources there exists a significant positive correlation. At present stage, to update and innovate the technology and to reduce the proportion of coal consumption are the significant ways to improve the consumption efficiency of China’s non-renewable energy resource.

Tax Reform, Economic Efficiency and Social Welfare：A Dynamic CGE Simulation Analysis Based on A-K OLG Model

XU Pu

2012, 0(01):  1462. 

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Based on a typical dynamic general equilibrium model of overlapping generations (Auerbrach and Kotlikoff, 1987), this paper establishes an inter-temporal?dynamic model which consists of a series of non-equality equation sets, then counterfactually simulates the dynamic impacts of both raising the indirect tax and lowing the direct tax on the economic efficiency and social welfare in China. Compared with the base period，reducing taxes on capital will bring welfare gains by 0.34% (increasing pure economic efficiency by 0.25%), while reducing the tax on labor will bring welfare growth by 0.1% (increasing pure economic efficiency by 0.02%). The empirical result proves the theory that indirect taxes are better than direct taxes in realizing economic efficiency. Therefore, to increase the proportion of the direct tax is actually at the cost of certain economic efficiency, we have to seize the right time to reform and weigh the pros and cons very carefully when carrying out such measures.

A Comparison and Appraisal of Open Budget Information between China and USA: from the Perspective of Government’s Window Websites

WEI Lu

2012, 0(01):  1463. 

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Internet is one of the major channels for governments to publicize information. Based on the open channel of government’s window website and the characteristics of network information spreading, this paper makes a comparison between the open budget information of American federal government and that of China’s central government in the year of 2011 from such perspectives of technicality, comprehensiveness, detailedness, dynamicness, and convenience. Although China has achieved certain development in budget opening in recent years, it is still at the initial stage; the open information of budge has the characteristics of typical fragments, lacking the institutional safeguard, and is still far away from the social expectations. Therefore, we should take the governments’ window websites as the major open channels to improve the quality of open budget information of Chinese government.

Bank Involuntary Excess Reserve and Macroeconomic Fluctuations: Evidences from China

ZHANG Yong

2012, 0(01):  1464. 

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Based on the division of the bank excess reserve into precautionary excess reserve and involuntary excess reserve and taking the involuntary excess reserve as the liquidity indicator of banking system, this paper examines the fluctuation mechanism of the involuntary excess reserve and its influence on the macroeconomic fluctuation mechanism. It is found that the involuntary excess reserve had a cyclical fluctuation trend during the period from 1998 to 2010 under the comprehensive function of funds outstanding for foreign exchange and bank loans. And the accumulation of involuntary excess reserve has a negative effect on output, price and bank loan in the short term, but has positive effect in the long term; thus the macroeconomic fluctuations will be amplified and intensified. Under this circumstance, the monetary authority should cautiously conduct fine tuning operations on the involuntary excess reserve during its liquidity management process, so as to realize the smooth running of the macro economy.

The Nonlinear Dynamic Adjustment of China’s Interest Rate Term Structure: A Study Based on MS-VECM Model

SUN Hao

2012, 0(01):  1465. 

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This paper conducts an empirical study of the nonlinear dynamic process of China’s term structure of interest rates under the adjustment of the expectation theory with MS-VECM model. The results indicate that the expectation theory is tenable in China’s term structure of interest rates. The term structure of interest rates in China has the nonlinear dynamic characteristics of two regimes, which can be described as“strong adjustment regime”and“weak adjustment regime”according to the intensity of adjustment of the expectation theory. The average interest rate changes and the average risk premium level at different terms will change along with the changes of the regimes, and the changing of each regime is asymmetric. The term structure of interest rates has some similarity as the non-linear zone partition of price pressure; the price fluctuation is one of the important reasons for the nonlinear dynamic changes of the term structure of interest rates.

A Study of the Formation Mechanism of Consumer’s Channel Selection Intention

WU Si-zong

2012, 0(01):  1466. 

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The consumer’s channel selection in the context of multi-channel marketing has been under the spotlight recently. From the perspective of matching theory, this paper firstly explains the causes leading to contradictory conclusions in previous researches, then analyzes the three elements influencing consumer’s channel selection: product features, channel characteristics, and consumer characteristics, as well as their measurement dimensions. It also analyzes the matching mechanism between the above-mentioned three factors and the consumer behavior under different types of matching. This study can provide valuable theoretical guidance for the channel strategy development of multi-channel marketing companies.

On the Impacts and Management Strategies of Work-Family Integration

LI Gui-qing

2012, 0(01):  1467. 

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Along with the widespread application of information technology, the working environment of the modern organizations has made the work-family integration inevitable, thus the managers are faced with multiple roles and responsibilities. According to the role segmentation/integration continuum theory, the work-family integration can be divided into such types as integration, wandering, and separation. The study finds that the work-family integration has significant positive effect on task performance and positive affection and it has significant negative effect on negative affection; but no significant effect on job stress. The task performance and positive affection of the integration type are much higher than that of the wandering type and the separation type; the negative affection of the integration type is much lower than that of the wandering type and the separation type; the job stress of the integration type is not significantly higher than that of the wandering type and the separation type. Therefore, this article proposes a continuum classification management strategy, which can help managers to develop active work-life relationship by adopting such strategies as initiative integration, allocating time reasonably and preference to the special roles, etc.

An Empirical Analysis of the Sustainability of China’s Trade Surplus: Based on Unit Root and Cointegration Verification of Endogenous Structural Mutation

XU Tong-sheng

2012, 0(01):  1468. 

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On the basis of statistical description of the typical facts of China’s monthly import and export data relations during the period of 1990-2010, and making use of the unit root and cointegration verification techniques of endogenous structural break, this paper conducts an empirical analysis of the sustainability of China’s trade surplus. The results show that the between China’s import and export there exists a long-term equilibrium relationship in which changes are found in the intercept items and the slope items. The trade surplus has weak sustainability; due to the restrain of the long-term balanced relationship between the import and export, the deviation from equilibrium of export will be corrected in the next term. Therefore, policies aiming at adjusting the trade balance (external) should take full account of this feature.

On the Effects of Single Currency, Freight and Exchange Rate on International Trade Contract

LIANG Song

2012, 0(01):  1469. 

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When the theories of contract economics are applied to analyze the problems of international trade, more attention is paid to the macroscopic effects of contract behaviors. Thus the research of the effects of reasonable behaviors on the microscopic level of international trade may have some innovation. When international trade occurs between the two parties of import and export within the common monetary area, there is no obvious difference between the contract behaviors and the internal trade behaviors, for the single currency is used and the freight is rather cheaper. If considering the transportation costs and other costs as well as exchange rate and other factors, the best quality level of the contract will be changed, which is resulted from the distribution of the surplus to a third party and changes of evaluation on the type of the importer by the exporter due to exchange rate fluctuation. Generally, transportation and other costs will worsen the contract condition while the effects of exchange fluctuation are uncertain.

Accounting Symmetry Theory：An Optimized Path Established by Accounting Standards

ZHAO Xi-bo

2012, 0(01):  1470. 

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The Accounting Symmetry Theory (AST) should be regarded as the important principle for the formulation of accounting standards. As a neutral path that can be realized, AST can solve the contradiction between neutrality and economic consequences in theory. To bring AST into the quality frame of accounting information can simplify the methods of accounting standards, optimize the contents of accounting standards, and improve the quality of accounting information; meanwhile, it will produce positive effects on the practical work of accounting, auditing, statistics, and so on.

On the Motivation of the Transition of State-Owned to State-Controlled and the Market Reaction: A Case Study Based on the Restructuring of Hubei Yihua Group

YU Yu-miao

2012, 0(01):  1471. 

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Taking the restructuring case of Yihua Group, which is controlled by Hubei Yihua, as a study object, this paper analyze the motives of restructuring of the state-owned enterprises and the market reaction therefrom. The study reveals that the success of the government-led restructuring of state-owned enterprises is due to the fact that the political motives of the government are satisfied, i.e. the government promotion is effectively connected with the good business performances; the share purchase of Hubei Yihua has gained excess return for all the tradable shareholders. Further study finds that because of the injection of quality assets, the market gives positive evaluation to the restructuring of state-owned enterprises.